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11/22/15

The single most impressive news release I've ever read

Team Benavides Minera IRL (IRL.to) (MIRL.L) has published the following today.

Jaime Pinto thought it was going to be Team Hodges versus Team Benavides. He thought that "he who shouts loudest wins", no matter what sort of lies and BS he comes out with. But there's always something that this sort of person will miss and that's what has happened to Jaime Pinto this weekend.

It's now Team Hodges versus THE MINISTRY OF ENERGY AND MINES OF PERU. Oh yeah. Say buh-bye, Jaime Pinto. Wave buh-bye.

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Investigation by the Ministry of Energy and Mines During Visit to Ollachea Finds Acts of Social Disruption and Illegitimacy of Published Statements

Lima, 23 November 2015, Minera IRL SA reports that a visit by a representative of the Ministry of Energy and Mining to the Community of Ollachea, where the Ollachea Gold Project is located, found acts of social disruption had been instigated by the non Executive President of Minera IRL Limited and that illegitimate statements supposedly representing the Community had been published by the same individual.

·        A specialist representative for the region of Puno from the Ministry of Energy and Mining visited the Community of Ollachea last Saturday 21 of November, interviewing community members and representatives of Company Minera Kuri Kullu, (a subsidiary of Minera IRL SA), demonstrating the illegitimacy of a supposed community statement that non executive President Jaime Pinto promoted and made public through a press release.

·        The issued statement and other acts of disturbing public peace, public defamation, usurping of functions, and acts against public faith were promoted by Jaime Pinto and Don McIver, VP of Exploration, with the objective of trying to obtain favourable votes in the upcoming shareholders EGM to be held on November 26.

·        The details of these actions will be made known in the near future and the legally recognized authorities of the Rural Community of Ollachea will file criminal charges.  The Ministry of Energy and Mining, through their office of Social Affairs, has been informed from the visit to Ollachea of all of these actions, and along with proof and testimonies, will be conducting their own investigation.

“We are shocked by the mistreatment and perverse approach of Mr Pinto towards the Community of Ollachea.  We commit all our efforts to restore the trust and commitment that the Community and Company have built and maintained over 8 years, that have permitted us to achieve all our permitting and financing for the Ollachea Gold Project.  We hope to recuperate the lost time due to the stress of the Company, in order to shortly begin construction,” stated Diego Benavides, President of Minera IRL SA and Minera Kuri Kullu SA.

The Rural Community of Ollachea rejects and declares null and void the Declaration of Minera IRL Ltd (published in its press release of the 21 of November), as its contents do not reflect the position of the Community, do not have the authorization of the Community President nor the General Assembly of the Community, who are the only bodies authorized to express the views of the Community.  What is more, the Declaration of Minera IRL Ltd contains one or more falsified signatures which have been proven by comparing them to those in the Official Registry of Community Members, which has a total of 760 persons registered.

The use by Mr Pinto and Mr McIver of a small group of community members, known for their negative approach and desire for personal gain, to intimidate and threaten signatures from local people, has been denounced by the Community to the Ministry of Energy and Mining. 

Mr. Pinto is currently under investigation for corruption by the Second Provincial Fiscal Court Specialized in Crimes of Functionary Corruption (2da Fiscalía Provincial Penal Especializada en Delitos de Corrupción de Funcionarios), regarding the loss for the State of Peru of some U$50m due to the purchase of sovereign debt during Mr. Pinto’s time at the Ministry of Economy and Finances (MEF).

Also, during his time as Executive Chairman of Mantaro Peru SA, a subsidiary of Stonegate Agricom of the Sprott Group, Canada, Mr. Pinto supervised actions of agitation and division among neighbouring communities to a phosphate project in the Central highlands of Peru, which resulted in the permanent paralyzation of the project.

Mr Don McIver currently faces charges brought by Peru’s Criminal Investigation Directorate (Dirección Investigación Criminal DIRINCRI) for the illicit appropriation and disposal of assets of Minera IRL SA.  Along with Mr. Carlos Yrigoyen, Controller, and Yuri Valdiviezo, Head of Exploration, it is alleged that Mr. McIver appropriated and destroyed the exploration drill core of the Corihuarmi mine, valued at over U$1m, in an action connected to the intention of the current Board to close the Corihuarmi mine, the only source of income of the company. The destruction of the drill core has impeded the continued geological model of the deposit.

In conclusion, the Community of Ollachea exhorts Mr Pinto and Mr McIver to abstain from continuing with this campaign of defamation and public disorder in regard to the decisions of the Community.  Also, the Community wishes to inform that on November 28 it will hold a General Community Assembly to report on legal actions to be pursued and to make decisions regarding the group of Community members who were bribed in order to generate dissent in the Community.

For further information contact: minera@irl.com.pe